Review of 1Q 2023 Trade Performance
First published 25 May 2023 / Last updated 25 May 2023
Share this article:
: Review of 1Q 2023 Trade Performance
MR No.: 022/23
Singapore, Thursday, 25 May 2023
Highlights
Total Merchandise Trade
- Declined by 7.8% in 1Q 2023, extending the 1.0% decrease in 4Q 2022
- Non-oil trade declined by 9.5%; oil trade saw flat performance (0.0%) amid lower oil prices compared to a year ago
- Both non-oil domestic exports (NODX: -16.2%) and re-exports (NORX: -5.5%) declined
2023 Forecasts
- Downgraded to “-8.0% to -6.0%” for total merchandise trade and “-10.0% to -8.0%” for NODX; due to worse-than-expected performance to-date, weighed down by the manufacturing downcycle and lower expected oil prices
Total Services Trade
- Increased by 1.7% to reach S$186 billion in 1Q 2023
Click here to read the full report.
